Abstract
ORANI is a general purpose short-run general equilibrium model of the Australian economy. ORANI-LFT extends this basic model to enable examination of tax issues and interfuel substitution in the industrial sector. The extended model is used to illustrate the effects of a substantial switch from crude oil levy revenue to petroleum products excise revenue. The fall in crude oil revenue is assumed to emanate from a 10% fall in the world price of crude oil. The aggregate and sectoral results presented are consistent with the broad qualitative conclusions derived from a partial equilibrium analysis. It is also pointed out how the model could be extended in future research to investigate issues associated with Australian oil market deregulation.
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